Time for a Scorecard📊and thesis📑updates for purchases done in Feb/Mar 2020. Last review done in late April. How far things have come since then.😯

Not taking any drastic actions, other than few sells in fully valued, slower growth Co.'s.

"Poor Charlie’s Almanack" about Charlie Munger is a phenomenal book that should be read by all investors at least once. Excellent summary of that book by @allenxcheng👏

cc: @dmuthuk @Gautam__Baid

Thread below with my fav

Topics in the article ⬇️

Key points ⬇️

Mental Models suggested ⬇️

On Constant learning ⬇️

"The Peter Lynch Playbook". An epic 23 page compilation of all things Peter Lynch. Fantastic effort by Mayur Jain @MJBaldBard 👏👏

One of those must read documents for individual investors.
CC: @dmuthuk @Gautam__Baid @saxena_puru @BrianFeroldi

Goes into 6 categories of Stocks
1) SLOW GROWERS
2) ASSET PLAYS
3) STALWARTS
4) TURNAROUNDS
5) CYCLICALS
6) FAST GROWERS

& details like
Traits
Examples
People
PE Ratio comments
2 Min Drill
Checklist
Portfolio Allocation %
Risk/Reward
When to

Lot of great points on topics like

✔️DESIGNING A PORTFOLIO
✔️STOCK PICKING
✔️INVESTING PSYCHOLOGY
✔️RISK MANAGEMENT
✔️MARKET TIMING
✔️SILLIEST (AND MOST DANGEROUS) THINGS PEOPLE SAY ABOUT STOCK PRICES
✔️PETER’S PRINCIPLES; and 25 GOLDEN RULES
✔️SCUTTLEBUTT
✔️WALL STREET

The section on Investing Psychology is excellent. Below are some of my fav pts.

Some more fav pts form various sections.

"6 Rules From 6 of the World's Top Investors" - Nice article with some good lessons for long-term investors.

1⃣ Let Winners Run
2⃣ Do the Research
3⃣ Have Conviction
4⃣ Patience Is Key
5⃣ Be Wary (of random advice)
6⃣ Look

1⃣ Let Winners Run : "Be patient with winning trades; be enormously impatient with losing trades."

Although this is in reference to trading, it applies well to long-term investors also. Be patient and don't take quick/small gains when you're invested in wonderful companies..

..acquired at decent prices with lot of growth ahead.

At the same time, if the thesis is broken and you no longer believe in the Company which has been a loser in your Portfolio, don't stay invested with a hope of coming out even.

2⃣ Do the Research : "First, look at the quality of the company, then at the price. Looking at the quality of a company requires that you read financial statements, listen to conference calls, and vet management.

Then, only after you have confidence in the quality of the company, should the price be evaluated.

If a company isn't a quality company, don't buy it just because the price is low. Bargain-bin companies often produce bargain-bin results."

I guess there's a reason for why I❤️E-commerce so much. These lessons are as important as the returns.

Sharing with few Fintwit friends. @saxena_puru @FromValue @dhaval_kotecha @richard_chu97 @adventuresinfi @BahamaBen9 @TMFJMo @7Innovator @borrowed_ideas @investing_city

Thank god I didn't wait for consistent GAAP profitability before investing in them (like I do for most other sectors). 😂

Positions : $MELI $AMZN $BABA $SHOP $ETSY $W $SE $CHWY

Watchlist : $JD $PDD $FTCH $MWK

Haven't analyzed much : $JMIA $OZON

E-Commerce is one of those sectors where you have to understand the Business model and lot of non-GAAP (but Business driving) metrics & KPIs.

I'm not an expert by any means, but these are some of the things I broadly think about.

✔️Is the Company a Marketplace (1st party, 3rd party, both?) or a Platform, a combination?

✔️Does it handle inventory?

✔️Does it handle payments in house?

✔️What other services is it offering to Merchants (Logistics, Shipping, Credit, Marketing ...)

✔️What other services is it offering to Buyers (Digital Wallet, fast shipping, loyalty rewards....)

✔️How is the Company leveraging the Marketplace or Data Network effects?

@AwBlessYerHeart @Gus_802 Keynesian/demand side economics is what made the Middle Class better off but it was applied at a time when it wasn’t always equitable toward PoC or women. We need to bring back Keynesian policies but that means having Dem Mandates in Congress & WH for more than two short years.

@Gus_802 Ultimately we need to stop having arguments about “capitalism vs socialism” because they are both loaded words and imprecise descriptors of how our economy functions. Capitalism and socialism describe systems which, in their purist forms, don’t exist anywhere in the world

@Gus_802 The developed world and even most of the developing world have mixed economies where elements of what is regarded as socialism and capitalism exist. But the real ISM the drives our economy is consumerism as 2/3 of all economic activity is based on consumer/demand side spending

@Gus_802 When we couch these forces as “socialism” or “capitalism”, we automatically created a conflict and a polarizing zero sum argument which often derails honest discussions about our economic system which stifles discussions on ways to improve it

@Gus_802 We should instead call these forces “public funding” and “private funding” as they are more precise and less heated descriptors. We then make the cogent argument that, to support a consumer based economy, we need both public and private funding to do so effectively

I’m beginning to think that the left has been too obsessed with GDP as a broken economic metric governing the global shitshow, when inflation is more insidious. Deflation may be a more radical demand than degrowth. Burst bubbles. Deflate the price of fossil fuel infrastructure.

It’s amazing just how much political economy is still determined by the threat of stagflation. This has created a weird metonymy in which as long as you’re fight inflation (preserving the interests of (older) savers) you’re also fighting stagnation (supporting (younger) earners).

To some extent the residual fear of deflationary spirals lies behind this, waiting in the wings for any suggestion that stagnation must be fought with deflation. This is entirely understandable, as uncontrolled deflation hits the poorest hardest.

The assumption that conjoins these fears into an engine of unbridled economic stagnation is that there’s a unitary market effectively mediating between the markets in different sectors, be this unity micro-economic or macro-economic in flavour. But this just isn’t how it works.

There is so much more logistic friction in the price system than the popular story of just in time production suggests, not least in the concrete details of differentiated trade between economic actors from local businesses to nation states.

My friend @itsafronomics wanted to know the breakdown of student debt by income, so I pulled data from the SCF.

Student debt is more concentrated amongst high earners, but disproportionately amongst Black borrowers. The plot below plots the average within Income Quartiles.
1/n

But those are the averages. What's the share that's above 10k? (This is the Biden current cutoff for debt forgiveness, so a useful benchmark).

For comparison, 20% of white Americans have student debt, and 31% of Black Americans.

Let's contrast that with say, above 20k. I was surprised at how high the share remains.

When we get to 50k of student debt, or more, we see it's only about 5% of the US, and around 8% of Black Americans. Strikingly, it's a huge share of high income Black Americans (this is a known fact in the education literature, I believe).

So what does this look like put together? Overall, we see a higher share of Americans with debt above 10k, and 20k. We would cover a decent amount with 10k, but miss Black Americans especially.

1. “Who Are Ireland’s Members Of The World Economic Forum Implementing The Great Reset In 2021 ? 🧵1/28

🕵️🔎 Politicians, Musicians, Clergy, Bankers, Journalists, Human Rights, Artificial Intelligence, Sustainability, Corporations & Agriculture

2. In previous threads I have looked at 🇮🇪 key players in the Trilateral Commission as well as 🇮🇪 people who have attended the Bilderberger meetings. I also looked at the 🇮🇪 in the Young Global Leaders which is a site run by the WEF. You will see a lot of crossover between them.

3. The purpose of this thread is to compile all the Irish members into one thread for ease of access and reading rather than having to dive through the WEF site. This is by no means definitive and I will be adding more over time when they pop out of the woodwork.

4. Ireland’s WEF members are drawn from all walks of life but can be split into 2 separate areas. The WEF calls the first category “people” and the 2nd one “agenda contributors”. In total Ireland has a minimum of 61 members. Some of the names will be familiar and others will not

5. In this thread I’m just going to concentrate on the 21 people (there are probably a lot more). There are also 40 “agenda contributors” which I will cover in a separate thread. The agenda contributors are those who write articles or do research for the WEF site.